Statutory Banking Code Regulation Welcomed by BBA
The British Bankers’ Association (BBA) has said that bringing the Banking Code more firmly into statutory regulation is now appropriate and that it has no problems with this approach.
Angela Knight, chief executive of the BBA said: “We have been in discussion with the Government and FSA for some months on giving more certainty to all stakeholders by putting the Banking Codes on to a statutory footing. The codes have served their purpose well in bridging the gap between what comes under the remit of the FSA, and credit which does not. Many different entities provide lending to people and to businesses and clearly these need to be included in any new legislative requirements.”
“In addition,” Knight added, “banks will continue to follow the small business Statement of Principles which sets out the good practices that banks will follow with their small business customers in difficult times.”